Vedanta sweetens its bid for copper mining assets
METALS group Vedanta Resources upped the ante on its bid for the assets of bankrupt US copper miner Asarco yesterday.
Vedanta’s subsidiary Sterlite is fighting Grupo Mexico in a court in Texas for the assets.
It hiked up its offer to $1.59bn (£957m) cash, from the $1.1bn it originally offered, and cut the value of its copper price participation note to $208m.
“The consideration was changed to reflect an increase in copper prices and to meet the expectations of creditors,” Sterlite said yesterday.
Sterlite had earlier in June revised its offer to $1.87bn from $1.7bn and said it is not looking to revise the price upwards.
This was after it previously scaled down the value of its offer.
Meanwhile, Grupo Mexico has countered this with $1.72bn in cash, plus a $280m secured note to a trust for asbestos claimants.